Mt. Gox is an unlicensed money exchanger dealing in "crypto-currency."

[impulse]

The fact that Gox could overlook this requirement is inexcusable. Most everyone else was doing their due diligence to ensure that they were meeting regulatory requirements even before the FinCEN guidance. Now it leaves me wondering what other details they may have overlooked or not considered. Perhaps they are not even operating legally in Japan and if that is the case, a seizure of their servers will most definitely happen eventually. What assurance do we have right now that they are operating legitimately? Personally, I would not feel safe keeping anything of value in their servers right now. Time to jump the Gox ship as far as I'm concerned.

[awakening]

Well, I just moved the BTCs out of MtGox. Will see how this is going for the next days.

[pekv2]

Well, I just moved the BTCs out of MtGox. Will see how this is going for the next days.

I wonder how much BTC gox is holding now vs prior of the lockdown of dwolla.

[anu]

The fact that Gox could overlook this requirement is inexcusable. Most everyone else was doing their due diligence to ensure that they were meeting regulatory requirements even before the FinCEN guidance. Now it leaves me wondering what other details they may have overlooked or not considered. Perhaps they are not even operating legally in Japan and if that is the case, a seizure of their servers will most definitely happen eventually. What assurance do we have right now that they are operating legitimately? Personally, I would not feel safe keeping anything of value in their servers right now. Time to jump the Gox ship as far as I'm concerned.

No idea about the US, but there are more than 90,000 pages of relevant BaFin regulation in my country. Expect MagicalTux to read all that crap? We  all probably violate regulations when taking a leak the wrong way. This is the whole point, tyranny through complexity. Whatever you do, you violate the law or regulation. So it's completely to the discretion of the so called authorities to seize your property or worse.

So, yeah. MagicalTux probably overlooked a couple of thousand additional regulations and laws.

[deadweasel]

Well, I just moved the BTCs out of MtGox. Will see how this is going for the next days.

I wonder how much BTC gox is holding now vs prior of the lockdown of dwolla.

Let's hope they are not doing fractional reserve.

[evolve]

Expect buy-ins and transfer to other exchanges instead.

This is what I am going to do, of course, I am going to immediately sell when I get my BTC to the other exchange.  

[Loozik]

Gox dying a slow, painful, miserable death = GREAT FOR BITCOIN.

MtGox grew so big because noone else provided a better service. How is that great for Bitcoin if MtGox dies? I simply don't get it. If the biggest exchange falls, smaller exchages will become even easier targets.

Gox is a company that was attacked by ruthless bureaucrats. I feel truly sorry for people at Gox and wish they find a way out of the situation.

[evolve]

I simply don't get it. If the biggest exchange falls, smaller exchages will become even easier targets.

This. DHS isnt going to stop at Gox.

[BitcoinAshley]

Yes, an interesting phenomenon is there are a lot of people invested in Bitcoin whose position is incongruent with their opinion on the effect of government intervention on bitcoin price.

For instance, people say "Government intervention/regulation/opposition will drive bitcoin price way down!" while simultaneously owning bitcoins and expecting them to appreciate.

It is absolutely 100% guaranteed that governments and large corporations will go after Bitcoin in whatever ways they can. Did anyone honestly not know this when they first invested? It's exactly what you signed up for. This is going to keep happening, over and over and over again.

So, if you think that "government intervention/regulation drives prices of goods/commodities/services/etc DOWN," i.e. you are incredibly stupid and can't take even a second to review history, then SELL ALL OF YOUR COINS NOW because your position is incongruent with your opinion on how markets work.

Last time I checked, drugs cost more than they did before the War on Drugs and torrents downloads are still wildly popular. Mixing analogies is even more fun than mixing speed and cocaine (purchased with Litecoins on Atlantis) while watching your illegal HD download of "Crank"

[k3t3r]

Is finCen guidance a law / regulation or guidance? curious

[impulse]

The fact that Gox could overlook this requirement is inexcusable. Most everyone else was doing their due diligence to ensure that they were meeting regulatory requirements even before the FinCEN guidance. Now it leaves me wondering what other details they may have overlooked or not considered. Perhaps they are not even operating legally in Japan and if that is the case, a seizure of their servers will most definitely happen eventually. What assurance do we have right now that they are operating legitimately? Personally, I would not feel safe keeping anything of value in their servers right now. Time to jump the Gox ship as far as I'm concerned.

No idea about the US, but there are more than 90,000 pages of relevant BaFin regulation in my country. Expect MagicalTux to read all that crap? We  all probably violate regulations when taking a leak the wrong way. This is the whole point, tyranny through complexity. Whatever you do, you violate the law or regulation. So it's completely to the discretion of the so called authorities to seize your property or worse.

So, yeah. MagicalTux probably overlooked a couple of thousand additional regulations and laws.

There is no doubt that governmental regulation is onerous, difficult and obscure, but unfortunately such is the world we live in. The point here is that they don't even seem to be trying. Reading and parsing thousands of pages of obscure documents is exactly what lawyers are for and why they get the big bucks. Hire a fucking lawyer Gox, do your job. They have been doing this for years now, none of these issues should be coming out of left field, at least not if they were serious or competent about their business.

[Hawker]

...snip...

It is absolutely 100% guaranteed that governments and large corporations will go after Bitcoin in whatever ways they can. Did anyone honestly not know this when they first invested? It's exactly what you signed up for. This is going to keep happening, over and over and over again.

...snip...

Winner.

/thread

[myrkul]

...snip...

It is absolutely 100% guaranteed that governments and large corporations will go after Bitcoin in whatever ways they can. Did anyone honestly not know this when they first invested? It's exactly what you signed up for. This is going to keep happening, over and over and over again.

...snip...

Winner.

/thread

We agree again. This could turn into a dangerous habit.

[esse83]

http://www.forbes.com/sites/kashmirhill/2013/05/15/the-feds-are-cracking-down-on-mt-gox-not-on-bitcoin/

[myrkul]

http://www.forbes.com/sites/kashmirhill/2013/05/15/the-feds-are-cracking-down-on-mt-gox-not-on-bitcoin/

They came for MTGox, but I was not MTGox, so I did not speak up...

(That said, dude knowingly lied on his application to the bank, this is a "clean" bust. Still, a bad sign.)

[not.you]

http://www.forbes.com/sites/kashmirhill/2013/05/15/the-feds-are-cracking-down-on-mt-gox-not-on-bitcoin/

They came for MTGox, but I was not MTGox, so I did not speak up...

(That said, dude knowingly lied on his application to the bank, this is a "clean" bust. Still, a bad sign.)

Well technically he check the "no" box in 2011 and it was only a couple months ago that the government clarified that they consider cryptocurrency to be money so he did not knowingly lie on the application.

[dasein]

Proper MSB licensing doesn't seem prohibitively expensive, other bitcoin exchanges have obtained it. The seizure has not provided any basis to conclude that the gov would shut down an exchange, other than failure to have the proper MSB license. Therefore this is very good news because more exchanges will be properly licensed in the future, and so far the focus of gov regulations and enforcement is narrow and does not appear to threaten bitcoin infrastructure or liquidity.

[Babylon]

I suspect the DHS has nearly 7 of my bitcoin    I knew i should take it out last night, but I didn't.

[Hawker]

I suspect the DHS has nearly 7 of my bitcoin    I knew i should take it out last night, but I didn't.

They don't.  Not even 1.

[Babylon]

I suspect the DHS has nearly 7 of my bitcoin    I knew i should take it out last night, but I didn't.

They don't.  Not even 1.

You think I'll be able to get it?